In a very exciting news from the government revenues department is that the estimations of revenues from the Goods and Services Tax may cross INR 1 lakh crore a month mark while going towards the end of upcoming next fiscal year, as soon as the anti-evasion measures which are meant to match the tax data and the GST e-way bill which will supervise the transportation of goods comes into place. All this has been reported by a finance ministry officials in this current session.
In the report and statement, it is said that once the GST return filing process kicks in and stabilises on the base, the power-packed Directorate General of Analytics and Risk Management (DGARM) will be in work out by overall profiling and database matching of taxpayers who are filing GST along with Income Tax returns filed.
According to the statistics, the government has totally fetched on an average of INR 7.44 lakh crore from Goods and Services Tax in the fiscal 2018-19 which began on April 1st. While the estimated collection of total 8 months i.e. from July-February of the current fiscal year is pegged at INR 4.44 lakh crore.
The finance officials mentioned that the revenue estimates and statistics for the upcoming fiscal year is still under consideration and will be conservative which will take shape according to the actions taken by the government.
Going to the previous collections of the GST which was implemented from July 1st, 2017 was close to INR 95,000 crore for the first month, and for the August month, it was close to INR 91,000 crore.
In September, it was over Rs 92,150 crore, October (Rs 83,000 crore), November (Rs 80,808 crore) and December (Rs 86,703 crore). As of December 2017, 98 lakh businesses were registered under the GST regime.
A senior finance ministry official stated that “We will soon start matching of the turnover shown in GST returns with the income returns filed with the I-T department. It could begin by the second half of next financial year, Once these measures are put in place, there is no reason why GST revenues would not average Rs 1 lakh crore every month.”
While another official person stated that the next focus point of the department will be stepping towards the gap measuring in the gold and jewellery industry.
The department cleared that the Central Board of Excise and Customs (CBEC) and DGARM will be on its toe to find and analyse the data both from internal and external.
